Tax Credits Lower Marketplace Insurance Costs to $112 per Month in Wisconsin

by | June 18, 2014

Home 9 Health Care 9 Affordable Care Act (ACA) 9 Tax Credits Lower Marketplace Insurance Costs to $112 per Month in Wisconsin ( Page 2 )

Subsidies Cover 74% of Premium Costs for Wisconsinites Eligible for Marketplace Tax Credits

Over 8 million Americans have signed up for health insurance through the federal Marketplace that began operating in January, and new data released today show that most individuals participating in the Marketplace are paying less than $100 per month for their coverage.  Here are some of the highlights in the new national and state-level data from the federal Dept. of Health and Human Services:

  • 90% of Wisconsinites (and 87% of all Americans) who have selected Marketplace insurance plans chose plans that are eligible for premium tax credits.
  • Among the people eligible for those credits, the average net premium is $112 per month in Wisconsin (and just $82 per month for the U.S. as a whole).
  • The average tax credit is $316 per month in Wisconsin, compared to $264 nationally.
  • The average premium before the credits are considered is $427 per month in WI (vs. $346 nationally), and the premium tax credits reduce that by 74% (vs. 76% for all of the U.S.).
  • Among the people in the Marketplace eligible for the tax credits, 57% in Wisconsin and 69% nationally have net premiums of $100 per month or less.
  • Focusing more specifically on the large majority of Marketplace participants who chose silver plans (which also potentially qualify them for subsidies for their cost-sharing, such as copays and deductibles), the net premiums are even lower — $103 per month in Wisconsin and $69 nationally.

Only five other states have higher net costs per month among the people who selected silver plans.  (WI is tied for sixth highest with Delaware).  Although that fact is disappointing, being above the national average isn’t too painful when the average net premium for a silver plan in our state is just $103 per month.

You can read the HHS press release and get more details on the findings from today’s report here.  You can read the report in its entirety here.

Jon Peacock

Kids Forward
Kids Forward

Join us to build a Wisconsin where every child and family thrives.

Recent

Wisconsin Health Insurance Eligibility

Wisconsin Health Insurance Eligibility

Below are infographics detailing how different groups are affected by the health insurance landscape in Wisconsin, and which programs each group is eligible for by income. They have been updated with the new 2024 Federal Poverty Levels (FPL). ACA Eligibility and FPL...

Immigrant Taxpayers Deserve Dignity and Justice

Immigrant Taxpayers Deserve Dignity and Justice

Undocumented Immigrants Pay $198.9 Million in Taxes in Wisconsin By Liliana Barrera & William Parke-Sutherland Immigrants have been and continue to be vital to our communities. Nearly 300,000 immigrants in Wisconsin—about 76,000 of whom are undocumented—have put...

Back-to-School Means Language Access More Important than Ever

Back-to-School Means Language Access More Important than Ever

Better access to services and resources for multilingual community members begins with proactive approach to language barriers Contacts: Emily Miota, emiota@kidsforward.org or Lisa Cruz, lisa@ourmci.org  Madison, WI – With kids heading back to the classroom and many...

Sign up for Emails

Your address helps us identify your legislators and the most relevant messages to send you.